2025-04-05-accounts

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THE VARDY FOUNDATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED S APRIL 2025

England and Wales Charity Number: 328415 Scottish Charity Number: $C051152

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THE VARDY FOUNDATION

CONTENTS

Reference and Administrative Details	1
Chairman’s Review	2
Trustees’ Report	3
Independent Auditor’s Report	14
Statement of Financial Activities	18
Balance Sheet	19
Statement of Cashflows	20
NotestotheFinancialStatements	21

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THE VARDY FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

Sir Peter Vardy, Chairman Lady Margaret Vardy Richard A R Vardy Peter D D Vardy Victoria H Vardy

Registered Charity numbers England and Wales: 328415 Scotland: $C051152

Principal office 110 George Street Edinburgh EH2 4LH

Independent auditor Bankers MHA Barclays Bank Plc 6 St Colme Street 5 St Ann’s Street Edinburgh Newcastle Upon Tyne EH3 6AD NE1 3DX investment managers Rathbones Investment Barclays Wealth Management Level 15 10 George Street 1 Churchill Place Edinburgh London EH2 2PF

Investment advisor ISslO * Garment Factory 10 Montrose Street Glasgow G1 1RE

• through which investments are held with M&G, Apollo, LGIM, Pantheon, TwentyFour AM and IFM Investors

Legal advisors Square One Law LLP Anson House Fleming Business Centre Burden Terrace Newcastle Upon Tyne NE32 3AE

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THE VARDY FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025

CHAIRMAN’S REVIEW

Welcome to the Vardy Foundation’s annual report for 2024/25.

lam pleased to be reporting on another successful year in which we have donated £2.5m in grants to 87 outstanding charities or individuals in the UK and internationally which are making very significant changes to the lives of families and children. This year, we continued to focus our grant-making on those charities and individuals which help to alleviate the suffering for the growing number of people who are marginalised in our society. In addition, we have also supported some of our long-standing charitable partners especially those in poorer, developing countries, and in this report, we highlight some of these life-saving projects.

A continuing focus for the Charity over the last year has been our work to improve the lives of care experienced young people through our Bringing The Children Home initiative. Partnering with several Scottish Local Authorities, we have developed an approach that will provide practical support, love and encouragement to help them develop into successful young adults and reach their full potential. Our work centres on bringing home young people, who are looked after out of area, into accommodation that will better suit their needs and allow improved support to be built around them in their local community. The initiative will also ensure that there is suitable moving on accommodation as they take their first steps away from the care system. And perhaps the most important aspect of our work is that, along with our Local Authority partners, we are looking to develop an improved support system around young people and their families to help reduce the number of young people going into care in the first place. This report outlines the progress made on this exciting care project.

The Foundation continues to be an efficiently run, family foundation, able to move quickly and adapt to new opportunities. We work with both local and central governments to share best practice and support them in their ever-increasing social needs. We also believe that by working alongside charities, proactively and collaboratively, we can maximise the impact of our funding.

The Foundation’s team has enjoyed another busy year in our George Street offices, and it continues to ensure that the Charity’s resources are helping those whom we fund achieve their purpose, to the best effect. | would like to thank the whole Foundation team — Graeme, Armorel and Alison for their invaluable help and support to the Trustees to ensure that the Charity runs smoothly and meets all its obligations.

| look ahead and continue to focus our attention on working again with the charities we support as well as looking for new opportunities to engage with similar charities in our principal interest areas.

Sir Peter Vardy Chairman

7 October 2025

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THE VARDY FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025

Introduction

The Trustees have pleasure in presenting their annual report and financial statements for the Charity for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s trust deed, the Charities Act 2011, the Charities and Trustee (Investment) Scotland Act 2005 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

The Vardy Foundation has complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in England and Wales (“the Charity Commission) and the Office of Scottish Charity Regulator (“OSCR”).

The Charity is constituted under Trust Deed dated 25 September 1989 and is registered as a Charity with the Charity Commission and with OSCR. Other reference and administrative details are set out in the previous section.

Objectives and performance

The objectives of the Vardy Foundation are to support initiatives and programmes in social action and faith-based projects, predominantly focused on early intervention programmes committed to strengthening families and the relief of poverty. The Charity also seeks to support ex-offenders and those in prisons, addiction, rehabilitation, the homeless and the unemployed.

The Vardy Foundation was, for some time, committed to supporting work in the North East of England as well as making grants to other parts of the UK and the rest of the world. Since moving its operations to Edinburgh, the Charity has primarily directed its grant-giving to Scottish-based charities. The Peter Vardy Foundation and the Jigsaw Foundation are two designated funds within the Charity, managed respectively by Mr Peter Vardy and Mr Richard Vardy, and are also focussed on charitable activities in Scotland.

The Trustees confirm that they have referred to both the Charity Regulators’ guidance on public benefit when reviewing the Charity’s aims and objectives, in planning activities and setting the grant making policy for the year. The Charity furthers its charitable purposes for the public benefit through its grantmaking policy which aims to support a range of programmes in education, the arts, skills enhancement, mentoring and leadership development.

The Charity makes donations, grants and loans to a range of institutions and individuals at the discretion of the Trustees. It does this mainly by way of direct payments to the beneficiaries, but also through the payment of other expenses to third parties.

The Trustees meet every three months to review the performance of the Charity and develop plans for the achievement of its objectives. This includes the impact and outcome of previous awards, as well as the consideration of new applications.

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THE VARDY FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED5 APRIL 2025

Structure, governance and management

The Vardy Foundation was established by Sir Peter Vardy to make grants and provide support to a range of charitable causes. The Trustees seek to continue this charitable work through the careful stewardship of its existing resources and by seeking new sources of funding.

The governance of the Charity is the responsibility of the Trustees, and the Charity adopts the appropriate principles and recommended practice of the Governance Codes of both the Charity Regulators. The governing body of the Charity is the Board of Trustees which currently comprises five members. The Trustees who acted during the year and up to the date of this report are shown on page one. There have not been any changes in Trustees during the year. Trustees holding title to Charity property on behalf of the Charity are Sir Peter Vardy, Lady Margaret Vardy, Richard A R Vardy and Peter D D Vardy.

The Trustees are responsible for setting general policy and for the day-to-day management and decision making of the Charity. At the quarterly Trustees’ meetings, the Trustees agree the broad strategy and areas of activity for the Foundation, including consideration of grant making, investment, reserves and risk management policies and performance. In their exercise of governance, the Trustees seek regular professional input and advice and meet with the Foundation’s investment advisor at least four times a year.

Key management personnel remuneration

The day-to-day management and operational running of the Foundation is managed by Sir Peter Vardy and Mr Richard Vardy, as Trustees, and the Finance Director, the Foundation Director and the Charity Administrator. None of these individuals receive any remuneration through the Foundation. The executives’ salaries and ancillary costs are paid for by the Vardy Family Office in order to maximise the level of funding for charitable causes. All Trustees give their time freely and no remuneration nor expenses were paid to them in the year. Details of related party transactions are disclosed in note 22 to the financial statements.

Trustees are required to disclose all relevant interests and register them with the Charity Administrator and, in accordance with the Foundation’s policy, withdraw from decisions where a conflict of interest arises. No Trustee has a beneficial interest in any of the charities supported.

Achievements and performance

Once again, the Trustees are pleased to report on another successful year of grant-making for The Vardy Foundation. We have been delighted to support so many outstanding charities that have delivered lifechanging outcomes for many people. To this end, we have awarded donations of £2.5m to 87 charities or individuals. The total of £2.5m is considerably higher than the previous year’s £1.6m grant total for the following three reasons:

• i) In 2024/25 there is one large multi-year grant commitment of £1m; ii) In 2023/24, one grant for £320k was written back;

• iii) In 2023/24, the Trustees committed £186k for the purchase of a residential flat in Edinburgh for homeless accommodation. This purchase utilised the Charity’s cash available for Charitable Activities.

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THE VARDY FOUNDATION

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDEDS APRIL 2025

Achievements and performance (continued)

• During this financial year, some significant.grants have been made which are outlined below: Care cor Children» Theexpansion Foundationof their awarded family £250k care strategy to support Care for orphans for and Childre vul n erablin th e children across the globe.

There are an estimated 8 million children living in institutional care worldwide, although it is likely this figure is significantly understated. The United Nations General Assembly has called for action in its member states to protect the human rights of children without parental care, focusing on the need for there to be a significant improvement in long-term alternative options. Care for Children has worked tirelessly since 1998 to empower countries to transition from institutional care to family-based care for orphans and vulnerable children. In 2018, the Chinese government confirmed that from 1998, when Care for Children commenced their project in China, over 1 million children in care were living with families. Care for Children has since expanded its initiatives to Thailand, Vietnam and Cambodia and is rolling out a new three year “My Family” strategy which will see its reach into the UK and across the globe to ensure that children in care have the opportunity of growing up in local, loving families. Two donations totalling £70k were awarded to Bethany Christian Trust, a national charity dedicated to ending homelessness in Scotland.

Their mission is to relieve the suffering and meet the long term Bethany needs of homeless and vulnerable people in Scotland. To do this, Ch ristian. a theand governmentcharity partners to offer tailoredwith communities,support andchurches,services.organisations Trust The Foundation’s funding was part of Bethany’s Furniture, Recreation and Transport Project whereby furniture, white goods and food vouchers were offered to people moving from interim accommodation into more secure, long-term tenancies. In addition, recreational activities, community meals and day trips were provided to combat the loneliness and isolation that many people who are homeless experience.

The funding also supported the very practical need of a 7 seater vehicle for transporting women in Bethany’s therapeutic supported accommodation for women in North Edinburgh.

Due to restrictions in local authority funding, this type of assistance is vital for helping people stay in safe and permanent homes.

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THE VARDY FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

Achievements and performance (continued)

== Roe During the year, the Trustees awarded £50k over two years to N iN \ Hea "i Helping those with care support the Edinburgh Napier University Development Trust WV Alcea ; ccoutenee ast Sat i, with their Hub for Success programme. ; Hub for Success supports people who are care-experienced to get in, stay in, and return to tertiary education. The Hub is a partnership, bringing together the City of Edinburgh Council and some of the colleges and universities based in Edinburgh and the Lothians. It was set up in recognition that traditional programmes were not reaching those who were careexperienced. Recent findings from the Scottish Funding Council also highlight a continuing decline in retention rates for care-experienced school leavers across Scotland. The Foundation’s grant was directed at the Hub’s Student Ambassador Programme which employs up to 18 to 24 careexperienced students in paid roles to offer practical targeted support to other care-experienced students. They are trained and supported throughout the year by the Hub’s experienced social work staff. These student ambassadors also work with public, private and third sector organisations across Edinburgh to inform and deliver change while at the same time enhancing their own leadership skills, confidence and employability. A donation of £1m over four years was made to The Message mMe€sSsage Trust.ChristianFormedfaith throughin 1991, creativethis UK charityarts, enterpriseexists to programmesadvance the for those at risk of re-offending or with poor employment potential and community-based outreach programmes for those experiencing poverty who are often disadvantaged, deprived and marginalised. This is achieved through education, enterprise, befriending, mentoring, faith-based activities and outreach. The Foundation’s significant grant is directed at The Message Trust’s new vision for growth whereby they aim to launch a further five international hub charities, double the impact of their creative mission teams, train more evangelists, increase access to prisons, launch 18 new community groceries to work with struggling families and double the number of exoffenders who are helped to break free of re-offending.

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THE VARDY FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED S APRIL 2025

Achievements and performance (continued)

The Foundation donated £25k to support Hope for Addiction HOPE for Glasgow,UK. This charitywhich waswasestablishedborne out inof2016 the toministryprovideofa HopeChristianfor . ; response to the addiction issues in Glasgow and beyond. Addiction

Their approach is to promote total abstinence, built upon a biblical understanding of addiction. Their hope is that, all those who use their services, will get clean from all substances and get connected to their families, communities and a local church.

The grant was directed at the general work of the charity, through their Road to Recovery Day Programmes, Road to Recovery Evening Meetings, Women’s Ministry and Church Partnerships.

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The Trustees awarded £10k to the 25" Stirling (Dunblane) Boys’ Brigade Company to support Project Malawi 2025, which saw a team from Dunblane travel to Likhubula in Malawi to help renovate four classrooms in Nansato School. The Boys’ Brigade is an international Christian youth organisation for boys and young men aged from 5-18. The 25" Stirling Company have supported community and church links between Dunblane and Likhubula since 2016 and this trip was their third out to the region. The focus of their work is to help improve educational opportunities for young people to help lift them out of poverty.

The funding allowed the team to pay local tradespeople to bring four classrooms that were damaged by cyclones back into use and to significantly reduce chronic overcrowding across the school campus. The boys worked alongside the tradespeople to paint and finish off the work before they were handed back to the school.

The grant allowed the team to help provide the safe and welcoming environment that is vital to ensuring that young people stay in school and that they have the best possible chance of reaching their full potential.

The film of their trip to Malawi is shown in the link below https://youtu.be/1B3K8tILIK4 ?feature=shared

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THE VARDY FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDEDS APRIL 2025

Achievements and performance (continued)

The Trustees awarded £5k to the Edinburgh-based charity, the e@ ; Dean and Cauvin Young People’s Trust. Dean & Cauvin Young People’s Trust This charity has four flats in Edinburgh which provide and support transition to independent life for young people who have spent their lives in care. The grant is to support the charity to redecorate and update the properties so that the young people can have a modern and inviting space where they can make a home while they learn independent living skills with support.

The flats are a vital resource in the city where there is an official housing emergency. Many of the young people that they work with are homeless or living in temporary accommodation, usually bed and breakfasts, with no cooking facilities, or hostels. Many of the young people they support have experienced physical, mental and sexual abuse, neglect and trauma. For many, it will be the first time they will feel safe, loved and nurtured.

A full list of donations to institutions can be seen in Note 7. There has also been a large number of smaller donations that have amounted to over £419k. The total number of grants made in 2024/25 was 87 which is slightly lower than the previous year’s figure of 98.

Many of these grants are set up on a match-funding basis which is proving to be very successful for a number of charities, particularly smaller ones. This method of grant making works on the basis that the Foundation contributes a certain percentage of a fund-raising goal on the condition that the respective charitable organisation then raises the balance. This gives additional comfort to the Trustees that others believe in and support the charity’s work as well as increasing the potential funds raised for the donee.

Bringing The Children Home

The Foundation is a charity that supports young and vulnerable people across the UK and is committed to preventing children from entering the care system and maximising opportunities for people leaving it.

The urgent case for change

In 2021, the Scottish Government published “the Promise” which outlined what Scotland must do to make sure its most vulnerable children have the childhood they deserve. The following statistics were identified as part of The Promise and highlight the need for urgent change:

• e Care experienced children are 2.5 times more likely to be excluded from schoo! at 16

• e Care experienced adults are twice as likely to have no educational qualifications and twice as likely to have poor health

• e Care experienced people earn incomes which are 27% lower on average than their non-care experienced peers

• e A quarter of prisoners were care experienced in 2019

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THE VARDY FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 5S APRIL 2025

Achievements and performance (continued)

• e Care experienced adults are 1.5 times more likely to experience multiple disadvantages such as substance use, mental health difficulties or being in conflict with the law

• e Care experienced adults are twice as likely to have suffered from homelessness, usually before their 30" birthday.

Key Scottish Government statistics taken in 2021/22, show that there were 12,600 children in care in Scotland with an annual social care cost of £680m.

As a nation, progress on tackling these issues has been slow and the impact on care experienced young people continues to be considerable, leaving many without the love and support that they deserve.

Our Approach

Since 2023, we have been working with Local Authorities to identify how we can tackle the root causes of some of these issues and to put in place a model that will give young people hope for the future.

Our approach is centred around the need to tackle systemic problems with care provision in Scotland and the wider UK. Across the country, local authorities are facing both soaring costs for children’s social care and significant pressure on sustaining positive outcomes for children in care.

Our work has identified a ground-breaking approach that generates substantial savings in local authority budgets and allows them to invest in improved care and support for care experienced young people. It tackles the shame of young people being looked after hundreds of miles away from their local areas in private accommodation, where huge profits are being made and not invested back into the care system. It uses local government pension scheme funding to finance the building of new, state of the art, residential and moving on accommodation and provides the local authority with savings that can be invested in a higher standard of wraparound therapeutic care.

Local Authorities have been keen to engage with our Bringing The Children Home programme, and work is now underway on the first build for Clackmannanshire Council.

Social Investments

The Charity continues its social investment programme through its charitable loans to a number of charities. The outstanding loans totalled £342k at 5 April 2025.

Financial review

Income

income for the Foundation this year decreased by 4% to £1.74m (2024: £1.82m). The principal reason for this decrease in income was that income from investments fell to £1,196k (2024: £1,393k).

Donations were made up principally of donated investments of £380k (2024: £314k). Please refer to Note 2.

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THE VARDY FOUNDATION

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 5S APRIL 2025

Financial review (continued)

Expenditure

Expenditure increased to £2.83m (2024: £1.79m). Grants awarded of £2.5m (2024: £1.6m) continue to make up the largest proportion of expenditure (89 %, 2024: 96%) and investment management costs increased to £183k (2024: £56k) following the Trustees’ decision to carry out a major divestment programme and recruit a new investment advisor.

There was a decrease in support costs from £136.8k to £112k. The principal drivers of this decrease was a fall in professional fees from £35k to £1k.

Net gains on investments

Due to more favourable global markets during the financial year, the Foundation’s shares had gains on revaluation of £568k at 5 April 2025 (2024: £358k). The Trustees continue to monitor closely the Charity’s investments and recognise that markets are still very volatile due to the pressures on global economies.

Balance Sheet

The level of cash held has increased from £498k to £511k in the year.

Reserves Policy

The Trustees accept that the Charity must maintain a significant level of reserves, and that a level of free reserves should be retained to enable larger one-off donations to be made without the need for drawdown from capital investments.

Total funds at the end of the financial period were £32.0m (2024: £32.S5m), of which £633k (2024: £718k) are designated and the remaining £31.3m (2024: £31.8m) are unrestricted general funds.

Designated funds consist of The Peter Vardy Foundation and the Jigsaw Foundation. Decisions affecting these funds are set out in the section, Future Plans and Dreams, below.

Within unrestricted general funds there are social investments of £5.2m, fixed assets of £433k and investments of £27.7m held to generate future income. Investments may be utilised by the Trustees for charitable purposes at their discretion but are not considered to be part of free reserves.

Free reserves have decreased this year to (£1.4m) from (£0.52m). This is because the Foundation has given out grants totalling £2.5m, due to the on-going need for assistance from our charities and has thus depleted its cash resources. However, the Charity continues to hold its assets in the form of investments to maximise income generating potential and these can be realised when needed to provide additional cash.

The Trustees consider that the current level of free reserves is appropriate to provide sufficient funds to respond to application for grants and ensure their support and to cover the Foundation’s governance costs.

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THE VARDY FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025

Risk Management

The Trustees have assessed the risks to which the Charity is exposed, in particular those related to the operations and finances of the Foundation and are satisfied that systems are in place to mitigate exposure to risks. The Trustees consider variability of investment returns as one of the major risks and therefore the Charity used the services of 1SIO as their principal Investment Advisor. The Trustees have adopted an investment policy under which the financial objective of the Foundation is to at least maintain the real value of the Charity’s assets while generating a stable and sustainable return to fund annual grant making. During the year, the Trustees also carried out a review of the Foundation’s Risk Register.

Financial Markets

Global equities were broadly flat over the year to 5 April 2025 (FTSE World Index: -0.5%, hedged), with the US dollar weakening by around 2%. Strong corporate earnings supported returns over the period, though gains were tempered by geopolitical tensions and fiscal pressures. Markets sold off sharply in early April, following US Liberation Day, as uncertainty around US tariff policy weighed on sentiment. Emerging markets outperformed over the period (MSCI Emerging Markets Index: +9.9%, hedged), supported by Chinese stimulus measures and optimism around Al developments.

Credit assets delivered mixed results over the period. High-yield outperformed investment grade, supported by lower interest-rate sensitivity and steady demand, while investment-grade credit with greater interest rate sensitivity lagged as government bond yields rose. In regional terms, investment-grade spreads were broadly stable in the US and tightened modestly in Europe and the UK, reflecting improving risk appetite outside the US.

Major economies began cutting interest rates during the period as inflation eased; in the UK, the Bank of England reduced rates three times to 4.5%. UK gilt yields rose amid increased borrowing and fiscal uncertainty, with political and policy developments adding to volatility.

Investment Policy

The Investment Policy takes into account the risk tolerance acceptable to the Foundation as decided by the Trustees and has the objective of a blend of income and capital appreciation. Investments generated £1,196k (2024: £1,393k) of income during the year, representing a yield of 4.3% on average investment value (2024: 5.2%).

The Trustees monitor the performance of the Charity’s investment portfolio and formally review performance with its principal investment advisor, ISIO, on a regular basis. The Trustees are satisfied that the performance of The Vardy Foundation’s investments is in line with overall market performance.

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THE VARDY FOUNDATION TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 5 APRIL 2025

Future Plans and Dreams

We have achieved some major successes through the Foundation over the years. A very significant number of initiatives have been delivered through the help we have given. Often where, no other alternative was available, we have established a new charity which fulfils the vision of the Trustees. Just three examples demonstrate this:

• e The Emmanuel Schools project resulted in the building of five schools in the North East of England which continue to achieve outstanding results and provide greater career opportunities for over 7,000 students.

• e We launched the charity, Safe Families for Children, in 2012 as a copy of the US initiative that had achieved a reduction of almost 50% of children entering the care system in Chicago. This was done by building a movement of volunteers, trained to support families in crisis. Safe Families has now merged with another charity, Home for Good, and together they will provide more support and better futures for so many children across the UK. Early intervention has been a fundamental target to achieve social change. The Trustees believe that Government initiatives concentrate too much on the outcomes of problems rather than dealing with the root causes.

• e Our latest initiative, Bringing The Children Home, which is described earlier on pages 8 and 9, could and should be one of our greatest contributions to children and families across the UK. Radical improvement in the care programmes for families is needed. We have designed and commissioned a programme, to build houses in each town and city and to bring back children who are currently living out of their local authority area, sometimes 300 miles away from their homes and families, and provide a bespoke care programme round each child. There are currently nearly 1,000 children in Scotland in this category and over 18,000 in England. In some cases, the annual costs can run up to £1million per child. Our Bringing The Children Home project is capable of saving billions for the public purse but more importantly, it will radically improve the future prospects of thousands of young people by reducing the pathway to prison that so many tread, by improving their chance of good careers, by helping them to become good parents and by giving them hope, love and the prospect of a great future in what is a really difficult society. We believe passionately in the goodwill of people to come forward and volunteer to support people at all ages and stages of life. It brings hope to those who need the help, fulfilment to those who want to do good and finds a community solution to a community problem.

We will continue to support the many great charities who we have worked with over the years as well as look for new opportunities to improve the lives and life chances of the people we seek to serve.

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THE VARDY FOUNDATION

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDEDS APRIL 2025

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland and in England and Wales requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period.

In preparing these financial statements, the Trustees are required to:

• e Select suitable accounting policies and then apply them consistently;

• e Observe the methods and principles of the Charities SORP 2019 (FRS 102);

• e Make judgements and estimate that are reasonable and prudent;

• e State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• e Prepare the financial statements on the going concern basis unless it is appropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements company with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2004 (as amended), the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

The report was approved by the Trustees on 7 October 2025 and was signed on their behalf by: Sir Peter‘bese Vardy Chairman

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THE VARDY FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE VARDY FOUNDATION

Opinion

We have audited the financial statement of the Vardy Foundation (“the Charity”) for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• e Give a true and fair view of the state of the Charity’s affairs as at 5 April 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• e Have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e Have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005, regulation 8 of the Charities Accounts (Scotland) Regulations 2006 and the Charities Act 2011.

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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THE VARDY FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE VARDY FOUNDATION (continued)

Other information (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. |f, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 and the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• e the information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or

• e the Charity has not kept adequate accounting records; or

• e the financial statements are not in agreement with the accounting records and returns; or ¢ we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and section 144 of the Charities Act 2011 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

15

THE VARDY FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE VARDY FOUNDATION (continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• e Enquiry of management and those charged with governance around actual and potential litigation and claims;

• e Enquiry of charity management and those charged with governance to identify any instances of non-compliance with laws and regulations;

• e Performing audit work over the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of the charity’s activities and reviewing accounting estimates for bias;

• e Reviewing minutes of meetings of those charged with governance;

• e Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www. frc.org.uk/auditorsresponsibitities. This description forms part of our auditor’s report.

16

THE VARDY FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE VARDY FOUNDATION (continued)

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 and Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

MHA MHA

7 October 2025

Statutory Auditor 6 St Colme Street Edinburgh EH3 6AD

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC 455542).

MHA is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

17

THE VARDY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2025

		Unrestricted	Designated	Total	Total
		Funds	Funds	Funds	Funds
		2025	2025	2025	2024
	Notes	£	£	£	£
Income from:
Donations and legacies	2	541,353	-	541,353	423,336
Charitable income	3	4,466	-	4,466	2,000
Investments	4	1,195,827	-	1,195,827	1,393,112
Total income		1,741,646	-	1,741,646	1,818,448
Expenditure on:
Raising funds	5	183,125	-	183,125	55,666
Charitable activities	6	2,560,673	86,000	2,646,673	1,739,869
Total expenditure		2,743,798	86,000	2,829,798	1,795,535
Net(expenditure)/income	before
gainson investments		(1,002,152)	(86,000)	(1,088,152)	22,913
Net gains on investments	12	568,229	-	568,229	358,255
Net (expenditure)/income	and
netmovement infunds		(433,923)	(86,000)	(519,923)	381,168
Reconciliation offunds:
Funds brought forward	18,19	31,783,488	718,508	32,501,996	32,120,828
Fundscarriedforward	18,19	31,349,565	632,508	31,982,073	32,501,996

The Statement of Financial Activities includes all gains and losses recognised in the year.

All activities are classed as continuing.

18

THE VARDY FOUNDATION

BALANCE SHEET

.

YEAR ENDED 5 APRIL 2025

	Notes	2025	2024
		£	£
Fixed assets
Investments	12	27,678,783	26,795,310
Social investments	13	5,203,091	5,262,351
Tangible fixed assets	14	432,633	249,985
		33,314,507	32,307,646
Current assets
Debtors	15	179,985	138,559
Cash at bank and in hand		511,306	497,730
		691,291	636,289
Creditors: amounts fallingdue within oneyear	16	(1,523,725)	(363,605)
Netcurrent (liabilities)/assets		(832,434)	272,684
Total assets less current liabilities		32,482,073	32,580,330
Creditors: amounts fallingdue in morethan one year	17	(500,000)	(78,334)
Net assets		31,982,073	32,501,996
Funds
Unrestricted funds	18,19	31,349,565	31,783,488
Designated funds	18,19	632,508	718,508
		31,982,073	32,501,996

The financial statements were approved and authorised for issue by the Trustees on 7 October 2025 and signed on their behalf by:

Sir Peter Vardy Chairman

19

THE VARDY FOUNDATION

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 5 APRIL 2025

==> picture [431 x 354] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Notes|2025|2024| |£|£| |Cash|flows from|operating|activities| |Net|cash|used|in|operating|activities|20|(2,081,110)|(2,209,432)| |Cash|flows from|investing|activities| |Investment|income|1,195,827|1,393,112| |Payments|to|acquire|fixed|assets|(198,602)|(260,511)| |Proceeds from|the|sale|of investments|18,875,232|14,395,752| |Purchase|of investments|(19,375,334)|(12,445,931)| |Movement|in|cash|held|in|the|portfolios|562,818|(879,963)| |Concessionary|loans|repaid|61,300|59,800| |Net cash|provided|by investing|activities|1,121,241|2,262,259| |Cash|flows from|financing|activities| |Loans|repaid|(7,319,105)|(7,400,000)| |New|loans|8,292,550|400,000| |Net cash|provided/(used|in)|by financing|activities|973,445|(7,000,000)| |Change|in cash|and|cash equivalents|in the year|21|13,576|(6,947,173)| |Cash|and|cash|equivalents|at the|beginning of the|year|21|497,730|7,444,903| |Cash and|cash|equivalents|at the end of the year|21|511,306|497,730|

----- End of picture text -----

20

YEAR ENDED 5 APRIL 2025

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(a) General information and basis of preparation The Vardy Foundation is an unincorporated charitable trust, registered in England and Wales, Charity number 328415. The address of the registered office is 32 Portland Terrace, Newcastle upon Tyne, NE2 1QP.

The Charity was established by Sir Peter Vardy to make grants and provide support to a range of charitable causes.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest £.

The Vardy Foundation meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005, The Charities Accounts (Scotland) Regulations 2006 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

• (b) Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The expected income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

21

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED5 APRIL 2025

1 Accounting policies (continued)

(c) Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably.

Donations, legacies and similar incoming resources are included in the year in which they are receivable, which is when the Charity becomes entitled to the resource.

Income from grants is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income from investments is included in the year in which it is receivable and when the amount can be measured reliably. Interest on funds held on deposit is included when receivable; this is normally upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividends have been declared and notification has been received of the dividend due.

Income from charitable activities relates to rental income from beneficiaries, which is recognised in the Statement of Financial Activities in the period to which the rental income relates.

• (d) Expenditure

Expenditure is recognised once there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.

Expenditure on raising funds includes costs associated with generating income from the Charity through its investment portfolios.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its grant making activities. It includes both costs which can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Expenditure on grants is recorded once the Charity has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier.

Support costs are allocated between governance costs and other support costs. Governance costs include these costs associated with meeting the constitutional and statutory requirements of the Charity and include the statutory audit fees and costs linked to strategic management of the Charity. Other support costs relate to the administrative costs of running the Charity.

22

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2025

1 Accounting policies (continued)

• (e) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Social investments include programme related investments which are held in the furtherance of the Charity’s objectives. Programme related investments include property and loans, which are recognised at cost less impairment.

• (f) | Tangible fixed assets

Tangible fixed assets costing more than £250 are capitalised at cost and depreciated over their useful economic lives at the following rates:

Property	-2% straight line
Computerequipment	-33% straight line
Fixturesandfittings	-10%straightline

(g) Debtors Debtors are measured at their recoverable amount and included when reasonable certainty exists over their receipt. Prepayments are valued at the amount prepaid.

• (h) Cash at bank and in hand Cash at bank and in hand includes cash and highly liquid short-term investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(i) Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount due.

23

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2025

(j) Concessionary loans Concessionary loans include those made by the Charity to third parties, which are interest free or below market interest rates and which are made to advance charitable purposes. These loans are recognised at the amount loaned less provision for irrecoverable amounts, in accordance with the special concessionary loan treatment available to public benefit entities within section 34 of FRS 102.

(k) Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measure at that settlement value.

(Il) Fund accounting Unrestricted funds are those funds that can used in accordance with the objectives of the Charity at the discretion of Trustees.

Designated funds are those unrestricted funds set aside by the Trustees for specific future purposes or projects.

• (m) Judgements in applying key sources of estimation uncertainty

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

• In preparing these financial statements, the Trustees have made the following judgements: - Tangible fixed assets are depreciated over a period to reflect their useful economic lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.

• Fixed assets are assessed to determine whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.

2 Donations

Donations	Unrestricted	Unrestricted
	2025	2024
	£	£
Donated investments	380,000	314,289
Achieving Real Change in Communities CIC (ARCC)	129,987	-
Vardy PropertyAberdeen Limited	31,366	33,561
Elim Trust Corporation	-	75,486
	541,353	423,336

24

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2025

3	«Charitable income			Unrestricted	Unrestricted
				2025	2024
				£	£
	Property rental income			4,466	2,000
4	Investment income			Unrestricted	Unrestricted
				2025	2024
				£	£
	Income from listed investments			905,909	575,035
	Income from bank deposits			289,918	818,077
				1,195,827	1,393,112
5	Costofraisingfunds	Unrestricted	Designated	Total	Total
		2025	2025	2025	2024
		£	£		£
	Investment advisor’s fees	183,125	-	183,125	55,666
6	Charitable activities	Unrestricted	Designated	Total	Total
		2025	2025	2025	2024
		£	£	£	£
	Grants to:
	Institutions (note 7)	2,358,269	86,000	2,444,269	1,411,133
	Individuals (20) (2024: 19)	73,500	-	73,500	161,025
	Total grants	2,431,769	86,000	2,517,769	1,572,158
	Other direct costs:
	Clackmannanshire Project	8,367	-	8,367	30,874
	ARCC Legacy Project	8,400	-	8,400	-
	Support costs (note 9)	112,137	-	112,137	136,837
		2,560,673	86,000	2,646,673	1,739,869

25

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2025

7	Grants to institutions	Unrestricted	Unrestricted	Designated	Total	Unrestricted
			2025	2025	2025	2024
			£	£	£	£
	Aid and Abet		-	-	-	25,000
	Bethany Christian Church		70,000	-	70,000	-
	Big Church Festival		-	-	-	25,000
	British Youth for Christ		40,000	-	40,000	-
	Cairn Movement		-	-	-	25,000
	Care for Children		250,000	-	250,000	268,066
	City ona Hill		100,000	-	100,000	-
	Columba 1400		-	-	-	100,000
	Edinburgh Napier University Development	Trust	50,000	-	50,000	-
	Fields of LifeTrustCompany		39,000	-	39,000	-
	Go Global Family		25,000	-	25,000	-
	Hope forAddiction		25,000	-	25,000	-
	Jamie’s Farm		50,000	-	50,000	-
	Kids Operating Rooms		-	-	-	250,000
	L’Arche UK		-	-	-	90,000
	North Music Trust		-	-	-	100,000
	Re: Hope NextGeneration		-	86,000	86,000	97,188
	Redeemer Church, Edinburgh		70,000	-	70,000	-
	Revelation Trust		-	-	-	30,000
	SAT-7 UK Trust Limited		-	-	-	50,000
	Scripture Union Scotland		70,000	-	70,000	-
	Steiger International		50,000	-	50,000	35,000
	The Evans Trust		25,000	-	25,000	-
	The Haven Kilmalcolm		-	-	-	100,000
	The Heralds Trust		30,000	-	30,000	-
	The Message Trust		1,000,000	-	1,000,000	-
	The Social Bite Fund		-	-	-	-
	West of Ireland Evangelical Trust		-	-	-	45,011
	Youth for Christ North East		45,000	-	45,000	-
	Other awards < £25,000		419,269	-	419,269	491,381
	Grants returned/written back		-	-	-	(320,513)
			2,358,269	86,000	2,444,269	1,411,133

26

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2025

8	Analysis ofgrants	2025	2025	2024	2024
		No.	£	No.	£
	DCMS	-	-	16	137,685
	Relief	5	89,000	1	45,011
	Education	3	59,669	21	71,481
	Religion	34	1,831,950	27	396,696
	Welfare	45	537,150	33	921,285
		87	2,517,769	98	1,572,158
9	Support costs	Unrestricted	Designated	Total	Unrestricted
		2025	2025	2025	2024
		£	£	£	£
	FOREX loss	5,087	-	5,087	12,322
	Depreciation	15,954	-	15,954	11,710
	Travel & accommodation	17,392	-	17,392	10,001
	Insurance	3,111	-	3,111	2,408
	Heat and light	84	-	84	159
	Office costs	5,641	-	5,641	3,606
	Computer costs	245	-	245	94
	Property costs	2,767	-	2,767	4,659
	Bank charges	532	-	532	504
	Accountancy	10,902	-	10,902	9,306
	Professional fees	645	-	645	34,730
	Marketing	8,661	-	8,661	4,820
	Rent	31,366	-	31,366	33,560
	Governance costs	9,750	-	9,750	8,958
		112,137	-	112,137	136,837

10 = Salary costs

The Charity has no employees. The Charity is managed by its Trustees and three other individuals not employed by the Charity.

11 =‘Trustees’ remuneration and expenses

No Trustee received any remuneration or reimbursement of expenses in either the current or prior year.

27

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED5 APRIL 2025

12	Investments		Total	Total
			2025	2024
			£	£
	At 6 April		26,795,310	27,192,624
	Gifted shares		380,000	314,289
	Purchases at cost		19,373,294	12,445,931
	Disposal proceeds		(18,875,232)	(14,395,752)
	Movement in cash held in the portfolios		(562,818)	879,963
	Gains on revaluation		568,229	358,255
	At S April		27,678,783	26,795,310
	Historic cost at 5 April		27,984,937	23,523,749
13	Social investments	Charitable	Charitable	Total
		loans	property	investments
		£	£	£
	Cost
	At 6 April	403,396	4,858,955	5,262,351
	Additions	-	2,040	2,040
	Repayments	(61,300)	-	(61,300)
	At 5 April	342,096	4,860,995	5,203,091
	Charitable loans comprise:		2025	2024
			£	£
	North EastAutism Society (overpayment due for reimbursement)		(2,083)	22,917
	Re: Hope Church Glasgow		127,500	157,500
	Jason Mayhall, Pastor ofthe Bethany Christian Centre		216,679	222,979
			342,096	403,396

Charitable loans are made at interest rates and terms significantly lower than those that the recipient charity could obtain commercially. No interest is payable on any loan outstanding at the year end. No security is held in respect of any loan.

28

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 5 APRIL 2025

14	~—Tangible fixed assets		Fixtures and	Computer
		Property	fittings	equipment	Total
		£	£	£	£
	Cost
	At 6 April 2024	185,850	74,661	1,578	262,089
	Additions	182,969	13,616	2,017	198,602
	At 5 April 2025	368,819	88,277	3,595	460,691
	Depreciation
	At 6 April 2024	3,717	7,466	921	12,104
	Charge forthe year	6,462	8,294	1,198	15,954
	At 5 April 2025	10,179	15,760	2,119	28,058
	Net bookvalue
	At 5 April 2025	358,640	72,517	1,476	432,633
	At S April 2024	182,133	67,195	657	249,985
15	Debtors			2025	2024
				£	£
	Other debtors			-	250
	Prepayments and accrued income			179,985	138,309
				179,985	138,559
16	=Creditors: amounts fallingduewithinoneyear			2025	2024
				£	£
	Trade creditors			13,229	-
	Grant creditors			523,334	326,249
	Accruals and deferred income			13,717	29,202
	Other creditors			973,445	8,154
				1,523,725	363,605
17.	~—‘Creditors:amountsfallingdue in morethan oneyear		year	2025	2024
				£	£
	Grantcreditors			500,000	78,334

29

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 5 APRIL 2025S

18 Movement in funds

==> picture [418 x 420] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2024/25|At|6|April|Gains/|At|5|April| |2024|Income|Expenditure|(losses)|2025| |£|£|£|£|£| |Unrestricted|31,783,488|1,741,646|(2,743,798)|568,229|31,349,565| |Designated| |Peter Vardy|Foundation|717,740|-|(86,000)|-|631,740| |Jigsaw|Foundation|768|-|-|-|768| |718,508|-|(86,000)|-|632,508| |Total|32,501,996|1,741,646|(2,829,798)|568,229|31,982,073| |Movement|in|funds| |2023/24|At|6|April|Gains/|At|S|April| |2023|Income|Expenditure|(losses)|2024| |£|£|£|£|£| |Unrestricted|31,117,413|1,818,448|(1,510,628)|358,255|31,783,488| |Designated| |Matched|Funding|137,685|-|(137,685)|-|-| |Peter Vardy|Foundation|864,962|-|(147,222)|-|717,740| |Jigsaw|Foundation|768|-|-|-|768| |1,003,415|-|(284,907)|-|718,508| |Total|32,120,828|1,818,448|(1,795,535)|358,255|32,501,996| |Purposes|of funds:|

----- End of picture text -----

Designated funds

The Matched Funding designated fund was an unrestricted fund set aside by the Trustees to demonstrate the Charity’s contribution to the DCMS community match funded project. The terms of the DCMS project required the Vardy Foundation to disburse their matched funded £2m grant by 31 March 2023. During 2022-23, the Charity made matched funding of £1,862,315 in grants to charities that meet the DCMS objectives. The balance of £137,685 was made during 2023-24.

The Peter Vardy Foundation designated fund is an unrestricted fund set up by the Trustees with a focus on charitable activities in Scotland.

The Jigsaw Foundation designated fund is an unrestricted fund set up by the Trustees with a focus on charitable activities in Scotland.

30

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED S APRIL 2025

19	Analysis of net assets betweenfunds	Unrestricted	Designated	Total
		£	£	£
	2024/25
	Investments	27,678,783	-	27,678,783
	Social investments	5,203,091	-	5,203,091
	Tangible fixed assets	432,633	-	432,633
	Netcurrent assets/(liabilities)	(1,464,942)	632,508	(832,434)
	Non-current liabilities	(500,000)	-	(500,000)
		31,349,565	632,508	31,982,073
		Unrestricted	Designated	Total
		£	£	£
	2023/24
	Investments	26,795,310	-	26,795,310
	Social investments	5,262,351	-	5,262,351
	Tangible fixed assets	249,985	-	249,985
	Netcurrent assets/ (liabilities)	(445,824)	718,508	272,684
	Non-current liabilities	(78,334)	-	(78,334)
		31,783,488	718,508	32,501,996
20	~——Reconciliation ofnet movements infunds to cashflowsfrom operating activities
			2025	2024
			£	£
	Net (expenditure)/income		(519,923)	381,168
	Donated shares		(380,000)	(314,289)
	(Gains) on investments		(568,229)	(358,255)
	Investment income		(1,195,827)	(1,393,112)
	Depreciation		15,954	11,710
	Increase/(decrease) in debtors		(41,426)	186,745
	Increase/(decrease) in creditors		608,341	(723,399)
	Net cash used in operating activities		(2,081,110)	(2,209,432)
21	~=—Analysis ofnetfunds	At 6 April		At 5 April
		2024	Cashflow	2025
		£	£	£
	Cash at bank and in hand	497,730	13,576	511,306
	Borrowings	-	-	-
	Netfunds	497,730	13,576	511,306

31

THE VARDY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED S APRIL 2025

22 ~_—sCRelated party transactions

During the year, donations totalling £12,000 (2024: £4,000) were made to Junction 42 Foundation, a charity of which trustee Richard A R Vardy was also Trustee (until 24 July 2023).

The Charity received a donation of shares amounting to £380,000 (2024: £314,289) from one Trustee (2024: 1) during the year. The Charity also made a donation of £86,000 (2024: £97,188) to Re: Hope Next Generation, a charity in which the wife of Trustee, Peter D D Vardy, is a trustee.

Unsecured, interest-free loans from Trustee, Sir Peter Vardy, of £8,292,550 were received in the year. £7,319,105 of this was repaid during the year and there was £973,445 (2024: fnil) outstanding at the year end and included within creditors.

During the year, costs of £588 (2024: £250) were paid on behalf of Trustee Sir Peter Vardy. £588 (2024: £nil) was repaid during the year and there was £nil (2024: £250) outstanding at the year end.

During the year, a donation of £129,987 was received from ARCC, a Community Interest Company in which Sir Peter Vardy is a director. The Charity also made grants of £8,400 (2024: ENil) in relation to an ARCC legacy project.

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